iWEECARE, the developer of the world’s smallest continuous temperature monitoring product, Temp Pal, announced that it raised $2.4 million in extended pre-series A financing. TransLink Capital, a Silicon Valley-based venture capital firm with a specific focus on Asia, led the round of fundraising.
The round also saw investment from Taiwan’s National Development Fund, BE Capital, Taiwan Surface Mounting Technology Corp (TSMT), NCTU Angel Club, Might Electronic, and existing investors Verge HealthTech Fund and Darwin Venture. The funds will be used to accelerate marketing activities to address the demand for remote patient monitoring technologies in the United States and China.
THE LARGER TREND
Last June, iWEECARE raised $1 million in Pre-Series A funding, led by Singapore-based Verge HealthTech Fund, alongside Taiwan/US-based Translink Capital and Darwin Venture, MobiHealthNews reported. This brings their total Pre-Series A round funding amount to $3.4 million.
Earlier this year, Temp Pal was used at designated coronavirus hospitals in Taiwan and self-quarantine management in Nanjing City of China to lower healthcare-associated infections and to ease caregivers’ burdens. Temp Pal is a stamp-sized soft patch which weighs only 3 grams, lasts 36 hours per battery charge and has the ability to transmit temperature data via Bluetooth Low Energy to iWEECARE’s mobile app and its cloud dashboard.
ON THE RECORD
“Temp Pal received an overwhelming amount of inquiries for coronavirus use from the US and China earlier this year. The new funding will be used in accelerating our global footprint to satisfy the demands from these markets and ultimately improve patient safety and outcomes,” said Glen Tseng, Co-founder & CEO of iWEECARE.
“We are positive about iWEECARE’s business, that’s why we started investing in the promising healthtech startup from last June,” said Jackie Yang, TransLink Capital co-founder. “Under the COVID-19 pandemic and shift to remote patient monitoring, we see huge potential for iWEECARE to expand globally. We hope the new investment can help the brand to develop and establish an international presence.”